Bajaj Auto (BJAUT) Q2FY20 result was below our and above consensus estimates at operating level. EBITDA margin for the quarter stood at 16.6% vs our and consensus estimates of 17.2% and 15.7%. We cut our FY20/FY21 volume estimates by 4%/5% respectively, factoring the current slowdown. We expect two-wheeler industry volumes to be weak over the next 12 months, as cost increases (BSIV to BSVI transition) would hurt 2W industry demand. We cut our revenue and earnings estimates for FY20/FY21 by 3%/8% and 7%/12% respectively on account of lower volumes and higher promotion expenses. We have built in revenue/earnings CAGR of 5%/7% over FY19-21E with ROE...